Here are the three most relevant developments in the world of structured reporting we became aware of in the course of last week.
1 XBRL and why it is important for South Africa
This is the first in a series of articles exploring XBRL. Our next article will consider how XBRL was developed and the wider advantages and disadvantages of XBRL as a financial reporting tool.
Great to see XBRL featured with a high profile in the industry medium of South African chartered accountants. Follow them for the sequels.
2 SEC extens electronic filing requirements, including use of XBRL
The US Securities and Exchange Commission (SEC) has unanimously voted to propose updates to its filing rules for funds, investment advisers, issuers, and others. These would mandate electronic submission of a number of forms and amend some to require structured data reporting.
Clearly, the US SEC is on board with increasingly full digitalisation of all manners of reporting processes.
3 The biggest change in corporate reporting since the 1930s …
Public company reporting took a giant leap yesterday—the largest since the Great Depression. While the SEC is still contemplating its sustainability disclosure requirements, yesterday IFRS Foundation published prototype international climate sustainability reporting requirements.
What a fabulous introductory piece to help make sense of the incoming sustainability standards for regular business people. Recommended reading!
Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.
We have a self-imposed constraint of 3 news stories each week because we serve busy senior leaders in Fintech who need just enough information to get on with their job.
For context on XBRL please read this introduction to our XBRL Week in 2016 and read articles tagged XBRL in our archives.
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